Academic Sponsor:

Robert A. Schwartz Center For Trading and Financial Markets Research

Industry Sponsors:

Objective:

The objective of this seminar is twofold: (a) to call attention to how education concerning trading, liquidity and market structure topics can be integrated into business school programs, and (b) to enhance the dialogue between industry professionals and academics.  In industry, trading is recognized as a professional activity; in academia, it typically is not.

Students today can complete their business school courses without knowing about trading costs, liquidity, the complexities of price discovery, and the realities of market structure, and they can graduate clueless about what it takes for professional investors to implement investment decisions in real world, illiquid marketplaces. This knowledge is important, not only for people at trading desks, but also for portfolio managers, corporate executives, regulators, and technology developers. 

Computer Simulation:

Experiential learning is increasingly prominent in business school education. An equity market simulation, TraderEx, will be used in the seminar. TraderEx is an interactive simulation model developed by Schwartz and Weber that enables participants to enter orders into a computer-driven market that generates order flow and responds directly to participants’ orders. Continuous order driven markets are simulated, along with call auctions, a block trading facility, and hybrid combinations. Participants gain experience by competing with each other in a networked environment.

Friday, November 15, 2024 Agenda

8:30 am Registration and Coffee

9 am Welcoming Remarks: Linda Essig, Provost, Baruch College

9:10 am Opening Remarks: Conference Organizers: Deniz Ozenbas, Montclair State University; Robert Schwartz, Jonathan Wang, and Bruce Weber, Zicklin School of Business, Baruch College

9:15 am Keynote: Chuck Mack, Vice President, Nasdaq

9:45 am The Realities of a Divergent Expectations Environment
Robert Schwartz and Deniz Ozenbas

10:30 am Coffee Break

10:45 am Using Simulation as an Experiential Teaching Tool
Bruce Weber 

11:15 am Simulated Trading – Order Driven Markets: Bruce Weber, Zicklin School of Business, Baruch College and Andy Novocin, University of Delaware

1 pm Lunch

1:45 pm Panel: Wall Street Realities
Moderator: Jonathan Wang
William Freund, Former SVP & Senior Economist, NYSE
Padma Kadiyala, Pace University
Dan Labovitz, Green Impact Exchange
Yves Siegel, Siegel Asset Management Partners 
Yajun Wang, Zicklin School of Business, Baruch College

2:30 pm Panel: Marketplace Realities Come to the Classroom
Moderator: Michael Pagano, Villanova University
Jian Hua, Zicklin School of Business, Baruch College
Amanda Meyer, RBC Capital Markets
Larry Tabb, Bloomberg
Daniel Weingarten, Oppenheimer & Co, Inc.

3:15 pm Coffee Break

3:30 pm Open Discussion

3:45 pm Simulated Trading: Bruce Weber and Andy Novocin

5 pm Conference Concludes

Registration

The registration fee is $275. This fee covers seminar materials, continental breakfast, and lunch.

Register

Please print the registration form and fax to Eileen Stempel at 646-312-3530 or email to Eileen.Stempel@baruch.cuny.edu.

Requests for cancellations must be received in writing by November 7, 2024.

After you have registered, please submit payment by credit card.

Pay by Credit Card